Mori Hamada & Matsumoto held a seminar, and hosted a reception afterward, at the Hotel New Otani, Tokyo on April 8, 2008. The seminar was made up of two sessions, a lecture and a panel discussion, concerning "Laws and Practical Issues in Amending Settled Accounts of Previous Fiscal Year(s)." We would like to express our sincere thanks to all the guests that took part in the seminar and reception.

Presentation
"Overview of the Procedures and the Issues in Amending Settled Accounts of Previous Fiscal Years"

Speaker：Yasuhiko Fujitsu (MHM partner)

Speaking on the topic of amending settled accounts of previous financial years, which is an increasingly common problem, Mr. Fujitsu explained the procedures required under the Corporation Law, the Financial Instruments and Exchange Law, and the rules of exchanges to make the amendments, and he described the flow of procedures from becoming aware of a problem in the settled accounts to completing the procedures for amending the problem. He also summarized the laws and various practical issues relevant to making these amendments.

Panel Discussion
"Laws and Practical Issues in Amending Settled Accounts of Previous Fiscal Years"

Moderator:Yasuhiko Fujitsu (MHM partner)
Panelists:
Masao Yanaga (professor at the University of Tsukuba, Graduate School of Business Sciences)
Nobuaki Fuse (certified public accountant, partner of Deloitte Touche Tohmatsu)
Katsumasa Suzuki (MHM partner).

Panelists discussed the issues relating to amending settled accounts of previous financial years under the Corporation Law and the Financial Instruments and Exchange Law and the responses that need to be taken to those issues. They looked at the effects on company internal control systems, at disclosure in the capital market, at the practical measures being taken, such as establishing policies for investigating and amending settled accounts, and at the range of other issues that arise in between a company’s becoming aware of a problem in its settled accounts to completing the procedures for amending the problem. The panel also analyzed litigation risks and strategies.